Formation of Foreign Economic Potential of the Region as a Factor of Competitive Development of the Territory
International Journal of Management, 11 (5), 2020, pp. 590-601.
12 Pages Posted: 13 Jul 2020
Date Written: 2020
The article considers the main aspects of the formation of the foreign economic potential of the region as a factor of competitive development of the territory. The method of assessment of competitive development of the area and principles of realization of the foreign economic potential of the region is offered. To predict the structure of the region's foreign trade turnover is proposed to use the gravitational models of J. Tinbergen and H. Linneman. The article considers and defines the nature and prospects of the region's foreign economic relations with partner countries. It is shown that the use of the gravitational model to calculate the foreign trade turnover of the region provides an opportunity not only to forecast its future indicators, but also to determine areas for export-import relations and development of the region, which affects the level of the economic potential of the region and, consequently, its competitiveness.
Keywords: Region’s Economic Potential, Region’s Competitiveness, Competitive Development of the Territory, Foreign Trade Turnover of the Region
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